CWB Declares Dividends

Edmonton, December 7, 2017 - Canadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.24 per common share (TSX:CWB), payable on January 4, 2018 to shareholders of record on December 15, 2017. This quarterly dividend is up one cent, or 4%, from the dividend declared one year ago and unchanged from last quarter. The Board of Directors also declared a cash dividend of $0.275 per CWB Series 5 Preferred Share (TSX:CWB.PR.B), and a cash dividend of $0.390625 per CWB Series 7 Preferred Share (TSX: CWB.PR.C), payable on January 31, 2018 to shareholders of record on January 19, 2018.

In lieu of receiving their dividends in cash, holders of CWB’s common and preferred shares may choose to have their dividends reinvested in additional common shares of CWB in accordance with the Dividend Reinvestment Plan (the Plan). Under the Plan, CWB has the discretion to either purchase the additional common shares in the open market or issue them from treasury. For the dividends declared in December 2017, CWB has elected to issue common shares for the Plan from treasury at the Average Market Price (as defined in the Plan).

Any registered holder of record wishing to join the Plan can obtain an Enrolment Form from Computershare (1-800-564-6253) or in the Investor Relations section on CWB’s website at www.cwb.com. Beneficial or non-registered holders of the Bank's common shares must contact their financial institution or broker to participate.

CWB, for the purposes of the Income Tax Act, Canada and any similar provincial legislation, advises that its dividends declared in December 2017 will be eligible dividends, unless otherwise indicated.